Some homebuyers priced out of the market opt for a mortgage buydown, usually funded by sellers, in order to lower their monthly payments for the first few years. RICHMOND, Va. – Mortgage rates have risen since the Federal Reserve implemented a new monetary policy in 2022, almost hitting 8%. As of Nov. 2, the average … Read more
The Florida Department of Agriculture proposed wording is an ownership-reporting rule if residents of select foreign countries already own or inherit land in Fla. TALLAHASSEE, Fla. – SB 264, a bill related to sales to “foreign principals, persons and entities“ went into effect on July 1, 2023. Under SB 264, three Florida agencies were tasked … Read more
Artificial intelligence (AI) – really just a giant computer network – needs space to operate, making digital-data space a high growth commercial-market niche. NEW YORK – A corner of the U.S. commercial property market is flourishing as developers erect data centers – brick-and-mortar homes for digital data. In especially high demand? Buildings designed for artificial … Read more
Recession fears and rising interest rates created caution in the commercial market. Lenders pulled back and, so far, 2023 has seen the slowest growth since 2011. NEW YORK – When the Federal Reserve started hiking interest rates in the first half of 2022 and concerns about a recession increased, banks, insurance companies and other commercial … Read more
Nykia Wright becomes interim Chief Executive Officer on Nov. 20. The former Chicago Sun-Times CEO replaces Bob Goldberg, who plans to retire. CHICAGO – The National Association of Realtors® (NAR) announced that Nykia Wright has been appointed its interim Chief Executive Officer, starting Nov. 20, 2023. Retiring CEO Bob Goldberg will serve as an executive … Read more
The Florida Real Estate Commission has proposed wording for a new rule that includes affidavit forms that buyers must sign at closing. ORLANDO, Fla. – The Florida Real Estate Commission (FREC) proposed a rule containing buyer affidavits as referenced in SB 264, a bill related to sales to “foreign principals, persons and entities” that went … Read more
How to best spend money marketing a listing? Since every listing is unique, every budget is too. These days, though, the biggest part often goes to listing services. NEW YORK – The marketing budget for a real estate listing is uniquely determined by the particulars of the individual property it will market – but experts … Read more
An apartment complex with Hurricane Ian damage found it didn’t have flood or property insurance because its agent didn’t renew them and pocketed the payments. TAMPA, Fla. – A Florida insurance agent was arrested Monday after a man discovered his property had no coverage after Hurricane Ian, despite paying the premium in full. Naser Al-Sweity, … Read more
15%-20% of Fla. homeowners are dropping their property insurance and “going bare,” compared to the national percentage of 12%. MIAMI – With the price of premiums doubling the past few years, some Florida homeowners are choosing to go without property insurance, figuring that the savings are worth the risk of going bare in a hurricane-prone … Read more
4 out of 5 RE investors and developers plan to boost their tech budget over the next three years because major complicated decisions increasingly require new tech. NEW YORK – JLL’s 2023 Global Real Estate Technology Survey found more than 80% of real estate occupiers, investors, and developers intend to boost their real estate technology … Read more
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